Shares in property group Oasis Crescent slipped 7,69% on Tuesday after the group released its maiden results for the period to March 31 this year.

The group posted revenue of R6,836m, with headline earnings a share of 30,7c.

Net profit for the period was R25,136m, while a distribution of 20,25c a unit was declared.

Financial director Michael Swingler said the rentals portfolio experienced growth particularly in industrial rentals, which were up 20% and performed more strongly than any other sector in its portfolio.

The group's investment properties portfolio, valued at R134,3m, increased 16% from the acquisition cost at listing last November.

Oasis said it expected to expand the geographical spread of its property portfolio now primarily located in Western Cape.

The portfolio comprises five properties to the value of R134,3m.

In terms of the rental portfolio, 18% of the property portfolio is retail, 34% is offices and 48% is industrial.

The fund plans to acquire properties in Cape Town for R10,3m. Last month it said it would buy The Ridge, a community shopping centre in Shallcross, Durban, for R117m.

About R71m of the purchase price will be settled from cash on hand, R10m from short-term borrowings and R36m will, subject to the requisite shareholder and trustee approvals being received, be raised from a proposed general issue of units for cash.

Oasis Crescent's share price traded closed at 1200c on the JSE on Tuesday.

About 13,700 shares traded in four deals.

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge